The U.S. Securities and Exchange Commission (SEC), chaired by Gary Gensler, recently suggested that it is reconsidering its approach to Bitcoin (BTC)-based ETFs due to a recent court ruling involving Grayscale. In an interview with CNBC, Gensler mentioned that the SEC was currently reviewing “between eight and a dozen filings” for Bitcoin-based ETFs.
A new look at Bitcoin ETFs
The court’s decision led Gensler to state that the federal agency is reconsidering its position on BTC-based ETFs. He pointed out that the court has weighed in in the past on the Securities and Exchange Commission’s (SEC) differential treatment of Bitcoin-based ETFs and those that have been approved.
Impact on current applications
The new attitude of the Securities and Exchange Commission (SEC) may have an impact on the 13 current applications for Bitcoin-based ETFs. Among the applicants are traditional asset managers such as BlackRock, who are seeking to be one of the first to obtain authorization for a Bitcoin ETF.
Situation analysis
The court ruling and the Securities and Exchange Commission’s (SEC) evolving approach to Bitcoin-based ETFs could pave the way for better regulation and greater adoption of cryptos in the future. However, it’s important to note that the SEC must still abide by laws passed by Congress and interpret court rulings. In this article, we examined the impact of the court ruling on the SEC’s position and pending applications for BTC-based ETFs. We also discussed the importance of regulatory developments and the adoption of crypto-assets in the future.
